Account-based marketing has become the new buzzword in the marketing world. What exactly does it mean? And why should you care?
ABM is a strategy where marketers target customers based on their interactions with other companies. This means they don’t need to build relationships with every customer individually. Instead, they focus on building strong relationships with key accounts and then nurture them over time.
ABM is a great way to increase sales and improve customer loyalty. If you want to get started with account-based marketing, here are some things you need to know.
Account-Based Marketing: 5 Things You Need To Know
1. It’s Not Just About Sales
Marketers have been using relationship marketing for years. But now, there’s a shift towards account-based marketing. The goal of this approach isn’t just about getting more sales. It’s also about improving customer loyalty and increasing brand awareness.
2. It’s All About Relationships
This type of marketing works because it focuses on the relationships between businesses rather than individual consumers. In fact, most people aren’t aware that account-based marketing even exists.
3. It Helps Marketers Reach More Customers
One of the biggest challenges of traditional marketing is reaching as many potential customers as possible. With ABM, marketers can reach thousands or millions of customers at once.
4. It Works For Any Business
If your business sells products, services, or both, you can use account-based marketing strategies. No matter what you sell, if you’re looking to grow your business, ABM could be the answer.
5. It Can Be Done On A Small Budget
While there are certainly costs involved, account-based marketing doesn’t require huge budgets. In fact, it often requires less money than traditional marketing methods.
What Is Account Based Marketing?
Account-based marketing is all about targeting customers by focusing on the relationships between different types of businesses.
It’s not just about selling to one person at a time. Instead, you try to identify which businesses might benefit from working together. Then, you work to create relationships between those businesses.
As an example, let’s say you own a restaurant. You probably wouldn’t think of contacting another restaurant owner to see if they’d like to partner up. That would be too personal. However, if you owned a coffee shop next door to a restaurant, you might consider asking if they had any friends who wanted to eat out.
That’s how account-based marketing works. By identifying common interests and needs, you can find ways to connect businesses together.
Why Should I Care About Account-Based Marketing?
There are several reasons why account-based marketing is becoming so popular. Here are three big ones.
1. It Increases Customer Loyalty
When you market to individuals, you run the risk of losing customers when you change your messaging.
But with account-based marketing, you can avoid these problems. Because you’re only reaching customers who already have a connection with your company, they’ll stick around no matter what you do.
2. It Gives You Better ROI
Traditional marketing is expensive. And while it does generate results, it can take months or even years before you start seeing returns.
With account-based marketing, however, you can start generating results right away. Once you’ve identified your best prospects, you can start nurturing them immediately.
3. It Makes Your Company More Competitive
Most people assume that account-based marketing is only for large companies. But in reality, small businesses can also implement this strategy into their marketing plans.
This is because account-based marketing isn’t limited to large corporations. In fact, anyone with a website can use this method to attract new customers.
How Do I Get Started With Account-Based Marketing? How To Start An Account Based Marketing Campaign
To get started with account based marketing, first you need to decide what kind of relationship you want to build.
You can choose to focus on either B2B or B2C relationships.
In the case of B2B, you’ll be building a partnership between two businesses. These partnerships usually involve some sort of joint venture.
For instance, you could offer consulting services to help other restaurants improve their business. Or maybe you could provide training programs for employees.
For B2C, you’ll be looking to sell directly to consumers. This means that you’ll be offering products or services to individual customers.
If you’re interested in learning more, check out our guide on how to start an account-based marketing campaign.
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